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9.03 Notice of Default and Right to Cure. <br />Whenever the Agency pursuant to its rights set forth in this Agreement <br />delivers any notice or demand to the Developer with respect to the commencement, <br />completion, or cessation in the construction of the Improvements the Agency shall at <br />the same time deliver to each holder of record of any mortgage, deed of trust or other <br />security interest authorized by this Agreement a copy of such notice or demand. <br />Each such holder shall (insofar as the rights of the Agency are concerned) have the <br />right, but not the obligation, at its option, within ninety (90) days after the receipt of <br />the notice, to cure or remedy or commence to cure or remedy any such default or <br />breach and to add the cost thereof to the security interest debt and the lien on its <br />security interest. Nothing contained in this Agreement shall be deemed to permit or <br />authorize such holder to undertake or continue the construction or completion of the <br />Improvements (beyond the extent necessary to conserve or protect such <br />improvements or construction already made) without first having expressly assumed <br />in writing the Developer's obligations to the Agency relating specifically to such <br />Improvements under this Agreement. The holder in that event must agree to <br />complete, in the manner provided in this Agreement, the Improvements and submit <br />evidence reasonably satisfactory to the Agency that it has the developmental <br />capability on staff or retainer and financial capacity necessary to perform such <br />obligations. Any such holder properly completing such Improvements pursuant to <br />this paragraph shall assume all rights and obligations of Developer under this <br />Agreement and shall be entitled, upon written request made to the Agency, to a <br />Certificate of Completion from the Agency. <br />9.04 Failure of Holder to Complete Improvements. <br />In any case where, six (6) months after default by the Developer in completion <br />of construction of the Improvements under this Agreement, the holder of record of <br />any mortgage, deed of trust or other security interest creating a lien or encumbrance <br />upon the Property, having first exercised its option to construct, has not proceeded <br />diligently with construction, the Agency shall be afforded those rights against such <br />holder which it would otherwise have against Developer under this Agreement. <br />In the event of a default or breach by the Developer of a mortgage, deed of <br />trust or other security instrument prior to issuance of a Certificate of Completion for <br />all of the Improvements, and the holder has not, within sixty (60) days after receiving <br />Disposition and Development Page 34 <br />Agreement (Creekside Center) <br />7/23/97, 8/5/97, 8/11/97, 8/12/97 <br />